August 3, 2018 / 8:36 AM / a year ago

UPDATE 1-China names Liu Guoqiang as a vice governor

(Adds details)

BEIJING, Aug 3 (Reuters) - Liu Guoqiang, assistant governor of the People’s Bank of China, has been appointed as one of its vice governors, China’s Ministry of Human Resources said on Friday.

Liu’s promotion comes as a time when the central bank faces increased pressure to support the slowing economy amid an escalating trade war with the United States.

Prior to joining the central bank in 2016, Liu worked at the General Office of the ruling Communist Party’s Central Leading Group for Financial and Economic Affairs for 14 years.

Including Liu, the PBOC has five vice-governors.

In March, Yi Gang took over as the governor, replacing Zhou Xiaochuan, who stepped down after 15 years.

Under Zhou, the central bank gained more influence in the policy-making process, but it still lacks the independence of institutions such as the U.S. Federal Reserve. It needs cabinet approval to change interest rates or the value of yuan.

Guo Shuqing, head of China’s banking and insurance regulator, is the Communist Party chief at the central bank as well as a PBOC vice governor. (Reporting by Beijing Monitoring Desk and Kevin Yao; Editing by Richard Borsuk)

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